Grants can cover a maximum of 50% of the proposed investment
New match funding is available for businesses to invest in new technologies, plant equipment, machinery or premises growth, helping businesses create employment opportunities.
The £1.44million of funding will support businesses in the South East Midlands looking for ways to recover from the economic impact of lockdown and strengthen business performance through capital funding.
They are designed to build business resilience by supporting investment projects that will create a significant, positive impact on the business’ future.
Yvette Lamidey, chair of SEMLEP’s Growth Hub, said:
“We still have a long way to go to achieve the stabilise phase in many sectors, but this matched funding opportunity will give businesses the chance to start working towards greater stabilisation and growth.”
To be eligible for grant funding, applicants must meet the following criteria:
- Be an SME (employ fewer than 250 people and your turnover is less than EUR 50m or annual balance sheet less than EUR 43m).
- Be a trading enterprise (and have at least 1 years’ worth of accounts).
- Be registered in the UK and have a base in the South East Midlands area.
- Be ready to invest or expand in the local area.
- Must not have been a company ‘in difficulty’ on 31 December 2019
The Recovery and Resilience Grants can cover a maximum of 50% of the total cost of the proposed investment. As a guide, businesses are expected to create one job per £10,000 of grant.
Interested businesses will be asked to fill in an Expression of Interest on SEMLEP’s Growth Hub website to determine eligibility for the grant and following an initial response will be offered a 1-2-1 with a Business Adviser to work through their application.
Hilary Chipping, chief executive SEMLEP, said:
“We recognise that many businesses still face much uncertainty and as a result may be holding off making capital investment decisions. This grant funding is available to help businesses balance risk at this time whilst, at the same time accelerate the recovery of our local economies to secure our longer-term economic future.”
To find out more and to register interest businesses are encouraged to visit Recovery and Resilience Grant Funding. The first deadline for applications is Thursday 28th January 2021.